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SOCAR Turkey Enerji and Goldman Sachs sign agreement on sale of share

SOCAR Turkey Enerji and Goldman Sachs will sign an agreement on the sale of 25 percent share in the Petlim Limancılık A.Ş. company, 100 percent owner of which is the Petkim petrochemical holding, the Turkish Denizhaber newspaper reported.

It is expected that the signing of the agreement on partial privatization will be held in the next few days, the report said.

Earlier, head of SOCAR Turkey Enerji, a board member of Petkim Petrochemical Holding Kenan Yavuz said that some shares of the Petlim Limancılık company can be put up for privatization as part of the construction of the largest and deep container port in Turkey.

The company has started consultations with Goldman Sachs concerning the sale of some shares of Petlim Limancılık A.S., he said.

As Yavuz noted some 25 percent of Petlim Limancılık's shares are expected to be put up for privatization

"The sale of some shares is not associated with a lack of funds for construction of the largest deep port in Turkey," he added.

At the same time, Yavuz stressed that privatization will be an important event, demonstrating confidence in the company and continued flow of investments into the country.

The State Oil Company of Azerbaijan (SOCAR) plans to construct the container port by late 2014 - early 2015, SOCAR head Rovnag Abdullayev said earlier.

"The sources of financing and contracting companies have already been determined as part of the project," he added.

"The new port will bring additional revenue to Petkim petrochemical complex, owned by SOCAR in Turkey," Abdullayev added.

"The project will cost $ 400 million," hesaid.

Turkish petrochemical complex Petkim and Dutch company APM Terminals signed an agreement on construction of a container port with the capacity of 1.5 million TEU in March 2013.

APM Terminals will be entitled to manage the port for 28 years.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents. It is the only Turkish producer making such products, a quarter of which the company exports.

SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 percent stake in Petkim on March 30, 2012, increasing SOCAR's stake in the company to 61.32 percent. Some 38.67 percent is in free circulation on the Istanbul Stock Exchange.